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PROPOSED DEVELOPMENT AGREEMENT <br /> <br /> CITY OF RAMSEY <br /> ANOKA COUNTY, MINNESOTA <br /> <br /> NOW AND THEN ESTATES <br /> <br />Development agreement by and between the City of Ramsey, Minnesota (City) <br />and Paul E. and Binie J. Bertils (Developer). <br /> <br />WITNES SETH: <br /> <br /> WHEREAS, the Developer is the owner of certain real property situated <br />in Anoka County, Minnesota, located in the City of Ramsey, the legal <br />description of which property is as follows: <br /> <br />The Northeast Quarter of the Southwest Quarter of Section 10, <br />Township 32, Range 23, Anoka County, Minnesota. Except the South 1 <br />rod thereof. <br /> <br />hereinafter "subject property"; and <br /> <br /> WHEREAS, the City has approved the plat of the subject property which <br />is known as NOW AND THEN ESTATES and is hereinafter referred to as <br />"the plat"; <br /> <br /> WHEREAS, the Developer desires to effect the recording of the plat <br />with the Anoka County Recorder, upon the execution and approval thereof by <br />the City. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants and promises <br />contained herein, it is agreed as follows: <br /> <br />1. IMPROVEMENTS. The Developer shall be responsible for the <br /> construction of improvements as shown on the final plat and as <br /> directed by the City Engineer, in accordance with City standards <br /> and specifications. These improvements shall include, but are not <br /> limited to: Garnet Street N.W., 168th Avenue N.W., ditches, <br /> backsloping and drainage. The Developer shall be responsible for <br /> any expense associated with the construction os these <br /> improvements. ~ne Developer sh~ ~ <br /> =.~ restore a!~ disturbed areas as <br /> specified by the City Engineer. The Developer shall provide a <br /> financial guarantee for the construction cf these improvements. <br /> This guarantee shall be in the form cf cash of letter of credit in <br /> the amounn of S which amount re~resents 125% of the <br /> Engineer's e~timated_ cost f~r~ such imorovements. <br /> guarantee, the Deve!cper shall post a maintenamce guarantee for <br /> these improvements in the amount of $5,000.00. This security <br /> shall be deposited with the City in the form of cash escrow or <br /> letter cf credit ~;~ a_=orm ~o be ac.~.~table=~ to the City. This <br /> ' ~;~-' for one (1) year from the date <br /> security shall be held by tee ~. <br /> of final =~ceptance-~ o=~ the imorovemenns.. The location and <br /> specifications for the improvements shall be as shown on the <br /> attached plans, which plans are attached hereto as Exhibit "A". <br /> <br /> <br />